HSBC: Raise HKEX (00388) daily average turnover forecast, reiterate "buy" rating.

DBS released a research report stating that Chinese stocks listed in the US may return to Hong Kong for listing, further expanding the size of the Hong Kong stock market and maintaining strong trading momentum; reiterated a "buy" rating for HKEX (00388) with a target price of 540 Hong Kong dollars. The bank stated that the strong momentum in the Hong Kong stock market will continue, and raised its daily average turnover forecast for HKEX to HK$258 billion and HK$275 billion in 2025 and 2026, respectively. Positive factors include improvements in liquidity and investment sentiment, the attractiveness of Hong Kong technology stocks compared to other markets, as well as government support policies and stimulus measures. Benefiting from the rise of technology stocks and active IPO market, the proportion of southbound funds to total turnover increased to 25% from July to October this year. Hong Kong has seen more than 80 new listings since the beginning of the year, including A-share companies and well-known technology and consumer stocks, optimizing the market structure.